Aberdeen Asset Management has agreed to pay 84.7 million pounds for approximately 50 per cent of the fund management business of the troubled state-controlled bank Royal Bank of Scotland.

RBS has been offloading its assets to restructure itself. IT was bailed out by the British government at the peak of economic crisis.

Speaking on the issue, CFO Bruce Van Saun said, "This transaction represents another step in our plan to restructure RBS around its core customer franchises."

It was informed that all sixty-five staff at the affected divisions will be transferred to RBS.

UK's leading fund management group AAM, which is taking over assets worth 13.5 billion pounds, has plans to issue new shares to fund the deal.

This time previous year, AAM paid 250 million pounds for the traditional asset management arm of Credit Suisse, getting another 35.1 billion pounds in assets under its management.